Bhubaneswar: A look out circular (LOC) has been issued against three Chinese nationals as part of an ongoing investigation into an online Ponzi scam.
The Bureau of Immigration (BOI), Ministry of Home Affairs, Government of India issued the LOC on a request made by the Economic Offence Wing (EOW).
The LOC has been issued against 03 more Chinese citizens (02 male and 01 female)–Liu Huan, Wenhui Zheng, and Xu Xiaolu, all of whom are close associates with Guanhua Wang, in the mega online Ponzi scam, according to a press release issued by the EOW.
This case is linked to a massive online Ponzi scam that spanned across India, involving fraudulent activities and the illegal transfer of hundreds of crores of rupees out of the country. The operation utilized a complex network of mule bank accounts, shell companies, and crypto-traders.
Earlier, LOC was issued against the mastermind/Boss of this scam namely Guanhua Wang, age-40 of Hangzhou, China. He along with these Chinese came to India in 2019 and stayed in Bangalore for a few months. They created at least 14 shell companies to run various cyber-financial frauds. Initially, their focus was on
‘killer Loan Apps” scam but after banning of Apps they switched over to other frauds like Earning Apps, Betting Apps etc.
Almost all the shell companies– Bettec Technologies Pvt Ltd, Winmoon Technologies Pvt Ltd, Gamecamp Technologies Pvt Ltd, Fintelecom BPO Pvt Ltd, Bryontec Solutions Pvt Ltd, Rumeasy Technologies Pvt Ltd, Ninecity Technologies Private Limited, Joyzone Infotech Private Limited, Sparkplay Technologies Private Limited, Wideline Infotech Private Limited, Bluepond Solutions Private Limited, Jacketnet Technologies Private Limited, Ninetodo Infotech Private Limited, and GEEKEAD TECHNOLOGIES PRIVATE LIMITED are based in Bangalore.
More than 85 bank accounts having hundreds of Crores of transactions have been detected. They have hired/ used numerous mule directors including some housewives.
Many Indian mobile numbers are still used by Chinese perpetrators from China, the release added.
